UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. )*
Cidara Therapeutics, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
171757 10 7
(CUSIP Number)
W. STEPHEN HOLMES III
INTERWEST PARTNERS
2710 SAND HILL ROAD, SUITE 200
MENLO PARK, CALIFORNIA 94025
TELEPHONE: (650) 854-8585
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
April 14, 2015
(Date of Event Which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ¨
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.
* | The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. |
The information required on the remainder of this cover page shall not be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
CUSIP No. 171757 10 7 | 13D |
1. | Name of Reporting Persons
InterWest Partners X, L.P. | |||||
2. | Check the Appropriate Box if a Member of a Group (see instructions)
(a) ¨ (b) x(1) | |||||
3. | SEC USE ONLY
| |||||
4. | Source of Funds (see instructions)
WC | |||||
5. | Check if Disclosure of Legal Proceedings Is Required Pursuant to Item 2(d) or 2(e)
¨ | |||||
6. | Citizenship or Place of Organization
California, United States of America | |||||
Number of Shares Beneficially Owned by Each Reporting Person With
|
7. | Sole Voting Power
1,356,813 shares of Common Stock (2) | ||||
8. | Shared Voting Power
0 | |||||
9. | Sole Dispositive Power
1,356,813 shares of Common Stock (2) | |||||
10. | Shared Dispositive Power
0 | |||||
11. |
Aggregate Amount Beneficially Owned by Each Reporting Person
1,356,813 shares of Common Stock (2) | |||||
12. | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (see instructions)
¨ | |||||
13. | Percent of Class Represented by Amount in Row 11
9.8% (3) | |||||
14. | Type of Reporting Person (see instructions)
PN |
(1) | This Schedule 13D is filed by InterWest Partners X, L.P. (InterWest X), InterWest Management Partners X, LLC (IMP X, together with InterWest X, the InterWest Entities), Philip T. Gianos (Gianos), W. Stephen Holmes III (Holmes), Gilbert H. Kliman (Kliman), Arnold L. Oronsky (Oronsky), Bruce A. Cleveland (Cleveland), Nina Kjellson (Kjellson), Khaled A. Nasr (Nasr), Douglas A. Pepper (Pepper) and Keval Desai (Desai). Together with the InterWest Entities, Gianos, Holmes, Kliman, Oronsky, Cleveland, Kjellson, Nasr, Pepper and Desai are herein collectively referred to as the Reporting Persons). The Reporting Persons expressly disclaim status as a group for purposes of this Schedule 13D. |
(2) | The shares are owned by InterWest X. IMP X serves as the general partner of InterWest X. Gianos, Holmes, Kliman, Oronsky, Cleveland, Kjellson and Pepper are Managing Directors of IMP X, and Nasr and Desai are Venture Members of IMP X and share voting and dispositive power over the shares held by InterWest X, and may be deemed to own beneficially the shares held by InterWest X. |
(3) | This percentage set forth on the cover sheets is calculated based on 13,888,838 shares of the Issuers Common Stock outstanding. |
2.
CUSIP No. 171757 10 7 | 13D |
1. | Name of Reporting Persons
InterWest Management Partners X, LLC | |||||
2. | Check the Appropriate Box if a Member of a Group (see instructions)
(a) ¨ (b) x(1) | |||||
3. | SEC USE ONLY
| |||||
4. | Source of Funds (see instructions)
WC | |||||
5. | Check if Disclosure of Legal Proceedings Is Required Pursuant to Item 2(d) or 2(e)
¨ | |||||
6. | Citizenship or Place of Organization
California, United States of America | |||||
Number of Shares Beneficially Owned by Each Reporting Person With
|
7. | Sole Voting Power
1,356,813 shares of Common Stock (2) | ||||
8. | Shared Voting Power
0 | |||||
9. | Sole Dispositive Power
1,356,813 shares of Common Stock (2) | |||||
10. | Shared Dispositive Power
0 | |||||
11. |
Aggregate Amount Beneficially Owned by Each Reporting Person
1,356,813 shares of Common Stock (2) | |||||
12. | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (see instructions)
¨ | |||||
13. | Percent of Class Represented by Amount in Row 11
9.8% (3) | |||||
14. | Type of Reporting Person (see instructions)
OO |
(1) | This Schedule 13D is filed by the Reporting Persons. The Reporting Persons expressly disclaim status as a group for purposes of this Schedule 13D. |
(2) | The shares are owned by InterWest X. IMP X serves as the general partner of InterWest X. Gianos, Holmes, Kliman, Oronsky, Cleveland, Kjellson and Pepper are Managing Directors of IMP X, and Nasr and Desai are Venture Members of IMP X and share voting and dispositive power over the shares held by InterWest X, and may be deemed to own beneficially the shares held by InterWest X. |
(3) | This percentage set forth on the cover sheets is calculated based on 13,888,838 shares of the Issuers Common Stock outstanding. |
3.
CUSIP No. 171757 10 7 | 13D |
1. | Name of Reporting Persons
Bruce A. Cleveland | |||||
2. | Check the Appropriate Box if a Member of a Group (see instructions)
(a) ¨ (b) x(1) | |||||
3. | SEC USE ONLY
| |||||
4. | Source of Funds (see instructions)
WC | |||||
5. | Check if Disclosure of Legal Proceedings Is Required Pursuant to Item 2(d) or 2(e)
¨ | |||||
6. | Citizenship or Place of Organization
United States of America | |||||
Number of Shares Beneficially Owned by Each Reporting Person With
|
7. | Sole Voting Power
0 | ||||
8. | Shared Voting Power
1,356,813 shares of Common Stock (2) | |||||
9. | Sole Dispositive Power
0 | |||||
10. | Shared Dispositive Power
1,356,813 shares of Common Stock (2) | |||||
11. |
Aggregate Amount Beneficially Owned by Each Reporting Person
1,356,813 shares of Common Stock (2) | |||||
12. | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (see instructions)
¨ | |||||
13. | Percent of Class Represented by Amount in Row 11
9.8% (3) | |||||
14. | Type of Reporting Person (see instructions)
IN |
(1) | This Schedule 13D is filed by the Reporting Persons. The Reporting Persons expressly disclaim status as a group for purposes of this Schedule 13D. |
(2) | The shares are owned by InterWest X. IMP X serves as the general partner of InterWest X. Gianos, Holmes, Kliman, Oronsky, Cleveland, Kjellson and Pepper are Managing Directors of IMP X, and Nasr and Desai are Venture Members of IMP X and share voting and dispositive power over the shares held by InterWest X, and may be deemed to own beneficially the shares held by InterWest X. |
(3) | This percentage set forth on the cover sheets is calculated based on 13,888,838 shares of the Issuers Common Stock outstanding. |
4.
CUSIP No. 171757 10 7 | 13D |
1. | Name of Reporting Persons
Philip T. Gianos | |||||
2. | Check the Appropriate Box if a Member of a Group (see instructions)
(a) ¨ (b) x(1) | |||||
3. | SEC USE ONLY
| |||||
4. | Source of Funds (see instructions)
WC | |||||
5. | Check if Disclosure of Legal Proceedings Is Required Pursuant to Item 2(d) or 2(e)
¨ | |||||
6. | Citizenship or Place of Organization
United States of America | |||||
Number of Shares Beneficially Owned by Each Reporting Person With
|
7. | Sole Voting Power
0 | ||||
8. | Shared Voting Power
1,356,813 shares of Common Stock (2) | |||||
9. | Sole Dispositive Power
0 | |||||
10. | Shared Dispositive Power
1,356,813 shares of Common Stock (2) | |||||
11. |
Aggregate Amount Beneficially Owned by Each Reporting Person
1,356,813 shares of Common Stock (2) | |||||
12. | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (see instructions)
¨ | |||||
13. | Percent of Class Represented by Amount in Row 11
9.8% (3) | |||||
14. | Type of Reporting Person (see instructions)
IN |
(1) | This Schedule 13D is filed by the Reporting Persons. The Reporting Persons expressly disclaim status as a group for purposes of this Schedule 13D. |
(2) | The shares are owned by InterWest X. IMP X serves as the general partner of InterWest X. Gianos, Holmes, Kliman, Oronsky, Cleveland, Kjellson and Pepper are Managing Directors of IMP X, and Nasr and Desai are Venture Members of IMP X and share voting and dispositive power over the shares held by InterWest X, and may be deemed to own beneficially the shares held by InterWest X. |
(3) | This percentage set forth on the cover sheets is calculated based on 13,888,838 shares of the Issuers Common Stock outstanding. |
5.
CUSIP No. 171757 10 7 | 13D |
1. | Name of Reporting Persons
W. Stephen Holmes III | |||||
2. | Check the Appropriate Box if a Member of a Group (see instructions)
(a) ¨ (b) x(1) | |||||
3. | SEC USE ONLY
| |||||
4. | Source of Funds (see instructions)
WC | |||||
5. | Check if Disclosure of Legal Proceedings Is Required Pursuant to Item 2(d) or 2(e)
¨ | |||||
6. | Citizenship or Place of Organization
United States of America | |||||
Number of Shares Beneficially Owned by Each Reporting Person With
|
7. | Sole Voting Power
0 | ||||
8. | Shared Voting Power
1,356,813 shares of Common Stock (2) | |||||
9. | Sole Dispositive Power
0 | |||||
10. | Shared Dispositive Power
1,356,813 shares of Common Stock (2) | |||||
11. |
Aggregate Amount Beneficially Owned by Each Reporting Person
1,356,813 shares of Common Stock (2) | |||||
12. | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (see instructions)
¨ | |||||
13. | Percent of Class Represented by Amount in Row 11
9.8% (3) | |||||
14. | Type of Reporting Person (see instructions)
IN |
(1) | This Schedule 13D is filed by the Reporting Persons. The Reporting Persons expressly disclaim status as a group for purposes of this Schedule 13D. |
(2) | The shares are owned by InterWest X. IMP X serves as the general partner of InterWest X. Gianos, Holmes, Kliman, Oronsky, Cleveland, Kjellson and Pepper are Managing Directors of IMP X, and Nasr and Desai are Venture Members of IMP X and share voting and dispositive power over the shares held by InterWest X, and may be deemed to own beneficially the shares held by InterWest X. |
(3) | This percentage set forth on the cover sheets is calculated based on 13,888,838 shares of the Issuers Common Stock outstanding. |
6.
CUSIP No. 171757 10 7 | 13D |
1. | Name of Reporting Persons
Nina S. Kjellson | |||||
2. | Check the Appropriate Box if a Member of a Group (see instructions)
(a) ¨ (b) x(1) | |||||
3. | SEC USE ONLY
| |||||
4. | Source of Funds (see instructions)
WC | |||||
5. | Check if Disclosure of Legal Proceedings Is Required Pursuant to Item 2(d) or 2(e)
¨ | |||||
6. | Citizenship or Place of Organization
United States of America | |||||
Number of Shares Beneficially Owned by Each Reporting Person With
|
7. | Sole Voting Power
0 | ||||
8. | Shared Voting Power
1,356,813 shares of Common Stock (2) | |||||
9. | Sole Dispositive Power
0 | |||||
10. | Shared Dispositive Power
1,356,813 shares of Common Stock (2) | |||||
11. |
Aggregate Amount Beneficially Owned by Each Reporting Person
1,356,813 shares of Common Stock (2) | |||||
12. | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (see instructions)
¨ | |||||
13. | Percent of Class Represented by Amount in Row 11
9.8% (3) | |||||
14. | Type of Reporting Person (see instructions)
IN |
(1) | This Schedule 13D is filed by the Reporting Persons. The Reporting Persons expressly disclaim status as a group for purposes of this Schedule 13D. |
(2) | The shares are owned by InterWest X. IMP X serves as the general partner of InterWest X. Gianos, Holmes, Kliman, Oronsky, Cleveland, Kjellson and Pepper are Managing Directors of IMP X, and Nasr and Desai are Venture Members of IMP X and share voting and dispositive power over the shares held by InterWest X, and may be deemed to own beneficially the shares held by InterWest X. |
(3) | This percentage set forth on the cover sheets is calculated based on 13,888,838 shares of the Issuers Common Stock outstanding. |
7.
CUSIP No. 171757 10 7 | 13D |
1. | Name of Reporting Persons
Gilbert H. Kliman | |||||
2. | Check the Appropriate Box if a Member of a Group (see instructions)
(a) ¨ (b) x(1) | |||||
3. | SEC USE ONLY
| |||||
4. | Source of Funds (see instructions)
WC | |||||
5. | Check if Disclosure of Legal Proceedings Is Required Pursuant to Item 2(d) or 2(e)
¨ | |||||
6. | Citizenship or Place of Organization
United States of America | |||||
Number of Shares Beneficially Owned by Each Reporting Person With
|
7. | Sole Voting Power
0 | ||||
8. | Shared Voting Power
1,356,813 shares of Common Stock (2) | |||||
9. | Sole Dispositive Power
0 | |||||
10. | Shared Dispositive Power
1,356,813 shares of Common Stock (2) | |||||
11. |
Aggregate Amount Beneficially Owned by Each Reporting Person
1,356,813 shares of Common Stock (2) | |||||
12. | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (see instructions)
¨ | |||||
13. | Percent of Class Represented by Amount in Row 11
9.8% (3) | |||||
14. | Type of Reporting Person (see instructions)
IN |
(1) | This Schedule 13D is filed by the Reporting Persons. The Reporting Persons expressly disclaim status as a group for purposes of this Schedule 13D. |
(2) | The shares are owned by InterWest X. IMP X serves as the general partner of InterWest X. Gianos, Holmes, Kliman, Oronsky, Cleveland, Kjellson and Pepper are Managing Directors of IMP X, and Nasr and Desai are Venture Members of IMP X and share voting and dispositive power over the shares held by InterWest X, and may be deemed to own beneficially the shares held by InterWest X. |
(3) | This percentage set forth on the cover sheets is calculated based on 13,888,838 shares of the Issuers Common Stock outstanding. |
8.
CUSIP No. 171757 10 7 | 13D |
1. | Name of Reporting Persons
Khaled A. Nasr | |||||
2. | Check the Appropriate Box if a Member of a Group (see instructions)
(a) ¨ (b) x(1) | |||||
3. | SEC USE ONLY
| |||||
4. | Source of Funds (see instructions)
WC | |||||
5. | Check if Disclosure of Legal Proceedings Is Required Pursuant to Item 2(d) or 2(e)
¨ | |||||
6. | Citizenship or Place of Organization
United States of America | |||||
Number of Shares Beneficially Owned by Each Reporting Person With
|
7. | Sole Voting Power
0 | ||||
8. | Shared Voting Power
1,356,813 shares of Common Stock (2) | |||||
9. | Sole Dispositive Power
0 | |||||
10. | Shared Dispositive Power
1,356,813 shares of Common Stock (2) | |||||
11. |
Aggregate Amount Beneficially Owned by Each Reporting Person
1,356,813 shares of Common Stock (2) | |||||
12. | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (see instructions)
¨ | |||||
13. | Percent of Class Represented by Amount in Row 11
9.8% (3) | |||||
14. | Type of Reporting Person (see instructions)
IN |
(1) | This Schedule 13D is filed by the Reporting Persons. The Reporting Persons expressly disclaim status as a group for purposes of this Schedule 13D. |
(2) | The shares are owned by InterWest X. IMP X serves as the general partner of InterWest X. Gianos, Holmes, Kliman, Oronsky, Cleveland, Kjellson and Pepper are Managing Directors of IMP X, and Nasr and Desai are Venture Members of IMP X and share voting and dispositive power over the shares held by InterWest X, and may be deemed to own beneficially the shares held by InterWest X. |
(3) | This percentage set forth on the cover sheets is calculated based on 13,888,838 shares of the Issuers Common Stock outstanding. |
9.
CUSIP No. 171757 10 7 | 13D |
1. | Name of Reporting Persons
Arnold L. Oronsky | |||||
2. | Check the Appropriate Box if a Member of a Group (see instructions)
(a) ¨ (b) x(1) | |||||
3. | SEC USE ONLY
| |||||
4. | Source of Funds (see instructions)
WC | |||||
5. | Check if Disclosure of Legal Proceedings Is Required Pursuant to Item 2(d) or 2(e)
¨ | |||||
6. | Citizenship or Place of Organization
United States of America | |||||
Number of Shares Beneficially Owned by Each Reporting Person With
|
7. | Sole Voting Power
0 | ||||
8. | Shared Voting Power
1,356,813 shares of Common Stock (2) | |||||
9. | Sole Dispositive Power
0 | |||||
10. | Shared Dispositive Power
1,356,813 shares of Common Stock (2) | |||||
11. |
Aggregate Amount Beneficially Owned by Each Reporting Person
1,356,813 shares of Common Stock (2) | |||||
12. | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (see instructions)
¨ | |||||
13. | Percent of Class Represented by Amount in Row 11
9.8% (3) | |||||
14. | Type of Reporting Person (see instructions)
IN |
(1) | This Schedule 13D is filed by the Reporting Persons. The Reporting Persons expressly disclaim status as a group for purposes of this Schedule 13D. |
(2) | The shares are owned by InterWest X. IMP X serves as the general partner of InterWest X. Gianos, Holmes, Kliman, Oronsky, Cleveland, Kjellson and Pepper are Managing Directors of IMP X, and Nasr and Desai are Venture Members of IMP X and share voting and dispositive power over the shares held by InterWest X, and may be deemed to own beneficially the shares held by InterWest X. |
(3) | This percentage set forth on the cover sheets is calculated based on 13,888,838 shares of the Issuers Common Stock outstanding. |
10.
CUSIP No. 171757 10 7 | 13D |
1. | Name of Reporting Persons
Douglas A. Pepper | |||||
2. | Check the Appropriate Box if a Member of a Group (see instructions)
(a) ¨ (b) x(1) | |||||
3. | SEC USE ONLY
| |||||
4. | Source of Funds (see instructions)
WC | |||||
5. | Check if Disclosure of Legal Proceedings Is Required Pursuant to Item 2(d) or 2(e)
¨ | |||||
6. | Citizenship or Place of Organization
United States of America | |||||
Number of Shares Beneficially Owned by Each Reporting Person With
|
7. | Sole Voting Power
0 | ||||
8. | Shared Voting Power
1,356,813 shares of Common Stock (2) | |||||
9. | Sole Dispositive Power
0 | |||||
10. | Shared Dispositive Power
1,356,813 shares of Common Stock (2) | |||||
11. |
Aggregate Amount Beneficially Owned by Each Reporting Person
1,356,813 shares of Common Stock (2) | |||||
12. | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (see instructions)
¨ | |||||
13. | Percent of Class Represented by Amount in Row 11
9.8% (3) | |||||
14. | Type of Reporting Person (see instructions)
IN |
(1) | This Schedule 13D is filed by the Reporting Persons. The Reporting Persons expressly disclaim status as a group for purposes of this Schedule 13D. |
(2) | The shares are owned by InterWest X. IMP X serves as the general partner of InterWest X. Gianos, Holmes, Kliman, Oronsky, Cleveland, Kjellson and Pepper are Managing Directors of IMP X, and Nasr and Desai are Venture Members of IMP X and share voting and dispositive power over the shares held by InterWest X, and may be deemed to own beneficially the shares held by InterWest X. |
(3) | This percentage set forth on the cover sheets is calculated based on 13,888,838 shares of the Issuers Common Stock outstanding. |
11.
CUSIP No. 171757 10 7 | 13D |
1. | Name of Reporting Persons
Keval Desai | |||||
2. | Check the Appropriate Box if a Member of a Group (see instructions)
(a) ¨ (b) x(1) | |||||
3. | SEC USE ONLY
| |||||
4. | Source of Funds (see instructions)
WC | |||||
5. | Check if Disclosure of Legal Proceedings Is Required Pursuant to Item 2(d) or 2(e)
¨ | |||||
6. | Citizenship or Place of Organization
United States of America | |||||
Number of Shares Beneficially Owned by Each Reporting Person With
|
7. | Sole Voting Power
0 | ||||
8. | Shared Voting Power
1,356,813 shares of Common Stock (2) | |||||
9. | Sole Dispositive Power
0 | |||||
10. | Shared Dispositive Power
1,356,813 shares of Common Stock (2) | |||||
11. |
Aggregate Amount Beneficially Owned by Each Reporting Person
1,356,813 shares of Common Stock (2) | |||||
12. | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (see instructions)
¨ | |||||
13. | Percent of Class Represented by Amount in Row 11
9.8% (3) | |||||
14. | Type of Reporting Person (see instructions)
IN |
(1) | This Schedule 13D is filed by the Reporting Persons. The Reporting Persons expressly disclaim status as a group for purposes of this Schedule 13D. |
(2) | The shares are owned by InterWest X. IMP X serves as the general partner of InterWest X. Gianos, Holmes, Kliman, Oronsky, Cleveland, Kjellson and Pepper are Managing Directors of IMP X, and Nasr and Desai are Venture Members of IMP X and share voting and dispositive power over the shares held by InterWest X, and may be deemed to own beneficially the shares held by InterWest X. |
(3) | This percentage set forth on the cover sheets is calculated based on 13,888,838 shares of the Issuers Common Stock outstanding. |
12.
Explanatory Note
The following constitutes the Schedule 13D filed by the undersigned (the Schedule 13D). This Schedule 13D is being filed by the Reporting Persons (as defined below) to report the acquisition of shares of Common Stock (as defined below) of the Issuer (as defined below) on April 14, 2015 as described in Item 3 below.
Item 1. | Security and Issuer |
a) | This statement on Schedule 13D relates to the common stock, par value $0.0001 per share (Common Stock) of Cidara Therapeutics, Inc., a Delaware corporation (the Issuer). |
b) | The principal executive offices of the Issuer are located at 6310 Nancy Ridge Drive, Suite 101, San Diego, California 92121. |
Item 2. | Identity and Background |
a) | The persons and entities filing this statement are InterWest Partners X, L.P. (InterWest X), InterWest Management Partners X, LLC (IMP X, together with InterWest X, the InterWest Entities), Philip T. Gianos (Gianos), W. Stephen Holmes III (Holmes), Gilbert H. Kliman (Kliman), Arnold L. Oronsky (Oronsky), Bruce A. Cleveland (Cleveland), Nina Kjellson (Kjellson), Khaled A. Nasr (Nasr), Douglas A. Pepper (Pepper) and Keval Desai (Desai). Together with the InterWest Entities, Gianos, Holmes, Kliman, Oronsky, Cleveland, Kjellson, Nasr, Pepper and Desai are herein collectively referred to as the Reporting Persons). |
b) | The address of the principal place of business of each of the Reporting Persons is 2710 Sand Hill Road, Suite 200, Menlo Park, California 94025. |
c) | The principal business of each of the Reporting Persons is the venture capital investment business. |
d) | During the last five years, none of the Reporting Persons nor the Listed Persons (as defined below) has been convicted in any criminal proceeding (excluding traffic violations or similar misdemeanors). |
e) | During the last five years, none of the Reporting Persons nor the Listed Persons has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. |
f) | The Listed Persons are United States citizens; InterWest X is a California limited partnership and IMP X is a California limited liability company. |
In accordance with the provisions of General Instruction C to Schedule 13D, information concerning the managers and each other person controlling IMP X (the Listed Persons) required by Item 2 of Schedule 13D is listed on Schedule 1 hereto and is incorporated by reference herein.
Item 3. | Source and Amount of Funds or Other Consideration |
On April 14, 2015, the Registration Statement on Form S-1 filed with the Securities and Exchange Commission by the Issuer (File No. 333-202740) in connection with the Issuers initial public offering of 4,800,000 shares of Common Stock (the IPO) was declared effective. The pricing of the IPO took place on April 14, 2015, and at such time InterWest X purchased an aggregate of 200,000 shares of Common Stock of the Issuer at the IPO price of $16.00 per share. Additionally, all of the Issuers outstanding convertible preferred stock converted into Common Stock of the Issuer at the time of the IPO.
The funds used by InterWest X to acquire the securities described herein were obtained from capital contributions by their partners and from direct capital commitments by the InterWest Entities.
Item 4. | Purpose of Transaction |
InterWest X agreed to purchase the securities described in Item 3 hereto for investment purposes with the aim of increasing the value of its investments and the Issuer.
13.
Subject to applicable legal requirements, one or more of the Reporting Persons may purchase additional securities of the Issuer from time to time in open market or private transactions, depending on their evaluation of the Issuers business, prospects and financial condition, the market for the Issuers securities, other developments concerning the Issuer, the reaction of the Issuer to the Reporting Persons ownership of the Issuers securities, other opportunities available to the Reporting Persons, and general economic, money market and stock market conditions. In addition, depending upon the factors referred to above, the Reporting Persons may dispose of all or a portion of their securities of the Issuer at any time. Each of the Reporting Persons reserves the right to increase or decrease its holdings on such terms and at such times as each may decide.
Other than as described above in this Item 4, none of the Reporting Persons have any plan or proposal relating to or that would result in: (a) the acquisition by any person of additional securities of the Issuer or the disposition of securities of the Issuer; (b) an extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Issuer or any of its subsidiaries; (c) a sale or transfer of a material amount of assets of the Issuer or any of its subsidiaries; (d) any change in the present Board of Directors or management of the Issuer, including any plans or proposals to change the number or terms of directors or to fill any existing vacancies on the Board of Directors of the Issuer; (e) any material change in the present capitalization or dividend policy of the Issuer; (f) any other material change in the Issuers business or corporate structure; (g) any changes in the Issuers charter, by-laws or instruments corresponding thereto or other actions which may impede the acquisition of control of the Issuer by any person; (h) a class of securities of the Issuer being delisted from a national securities exchange or ceasing to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association; (i) a class of equity securities of the Issuer becoming eligible for termination of registration pursuant to Section 12(g)(4) of the Act; or (j) any action similar to those enumerated above.
Ms. Kjellson served on the Issuers Board of Directors until the IPO at which time she stepped down.
Item 5. | Interest in Securities of the Issuer |
The following information with respect to the ownership of the Common Stock of the Issuer by the Reporting Persons filing this Statement on Schedule 13D is provided as of the date of this filing:
Reporting Persons | Shares Held Directly (1) |
Sole Voting Power (1) |
Shared Voting Power (1) |
Sole Dispositive Power (1) |
Shared Dispositive Power (1) |
Beneficial Ownership |
Percentage of Class (1, 3) |
|||||||||||||||||||||
InterWest X |
1,356,813 | 1,356,813 | 0 | 1,356,813 | 0 | 1,356,813 | 9.8 | % | ||||||||||||||||||||
IMP X (2) |
0 | 1,356,813 | 0 | 1,356,813 | 0 | 1,356,813 | 9.8 | % | ||||||||||||||||||||
Cleveland (2) |
0 | 0 | 1,356,813 | 0 | 1,356,813 | 1,356,813 | 9.8 | % | ||||||||||||||||||||
Gianos (2) |
0 | 0 | 1,356,813 | 0 | 1,356,813 | 1,356,813 | 9.8 | % | ||||||||||||||||||||
Holmes (2) |
0 | 0 | 1,356,813 | 0 | 1,356,813 | 1,356,813 | 9.8 | % | ||||||||||||||||||||
Kjellson (2) |
0 | 0 | 1,356,813 | 0 | 1,356,813 | 1,356,813 | 9.8 | % | ||||||||||||||||||||
Kliman (2) |
0 | 0 | 1,356,813 | 0 | 1,356,813 | 1,356,813 | 9.8 | % | ||||||||||||||||||||
Nasr (2) |
0 | 0 | 1,356,813 | 0 | 1,356,813 | 1,356,813 | 9.8 | % | ||||||||||||||||||||
Oronsky (2) |
0 | 0 | 1,356,813 | 0 | 1,356,813 | 1,356,813 | 9.8 | % | ||||||||||||||||||||
Pepper (2) |
0 | 0 | 1,356,813 | 0 | 1,356,813 | 1,356,813 | 9.8 | % | ||||||||||||||||||||
Desai (2) |
0 | 0 | 1,356,813 | 0 | 1,356,813 | 1,356,813 | 9.8 | % |
(1) | Represents the number of shares of Common Stock currently underlying all Securities held by the Reporting Persons. |
(2) | The shares are owned by InterWest X. IMP X serves as the general partner of InterWest X and has sole power to direct the voting and disposition of shares held by InterWest X. Gianos, Holmes, Kliman, Oronsky, Cleveland, Kjellson and Pepper are Managing Directors of IMP X, and Nasr and Desai are Venture Members of IMP X and share voting and dispositive power over the shares held by InterWest X, and may be deemed to own beneficially the shares held by InterWest X. Gianos, Holmes, Kliman, Oronsky, Cleveland, Ehrlich, Kjellson, Nasr and Desai own no securities of the Issuer directly as of the date of this filing. |
(3) | This percentage set forth on the cover sheets is calculated based on 13,888,838 shares of the Issuers Common Stock outstanding. |
The information provided in Item 3 is hereby incorporated by reference.
14.
Item 6. | Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer Lock-up Agreements |
In connection with the Issuers initial public offering, InterWest X along with all of the Issuers other directors, executive officers and stockholders agreed with the underwriters for the offering, subject to certain exceptions, not to dispose of or hedge any shares of Common Stock or securities convertible into or exchangeable for shares of Common Stock during the period from the date of the lock-up agreements continuing through October 14, 2015, except with the prior written consent of Jefferies and Leerink. The lock-up agreements permit InterWest to transfer Common Stock and other securities subject to the lock-up agreements in certain circumstances.
The 180-day restricted period described in the preceding paragraph will be automatically extended if:
| during the last 17 days of the 180-day restricted period the Issuer issues an earnings release or announce material news or a material event; or |
| prior to the expiration of the 180-day restricted period, the Issuer announces that it will release earnings results during the 16-day period beginning on the last day of the 180-day period, |
in which case the restrictions described in the preceding paragraph will continue to apply until the expiration of the 18-day period beginning on the date of the issuance of the earnings release or the announcement of the material news or material event.
Registration Rights
InterWest X and the other stockholders of the Issuer that held convertible preferred stock of the Issuer prior to the initial public offering are a party to a second amended and restated investors rights agreement (the Investors Rights Agreement), dated February 10, 2015 with the Issuer. Under the Investors Rights Agreement, holders of shares having registration rights can demand that the Issuer file a registration statement.
Demand Registration Rights
At any time after October 14, 2015, holders of thirty percent or more of the shares having demand registration rights may request that the Issuer register all or a portion of their shares. In such a case, the Issuer will be required to effect the registration as requested, unless, in the good faith judgment of its board of directors, such registration would be materially detrimental to the Issuer and its stockholders and should be delayed.
Form S-3 Registration Rights
In addition, when the Issuer is eligible to use Form S-3, or any successor form, holders of a majority of the shares having demand registration rights may make unlimited requests that the Issuer register all or a portion of their Common Stock for sale under the Securities Act on Form S-3, or any successor form, so long as the aggregate price to the public in connection with any such offering is at least $2.0 million.
Piggyback Registration Rights
In addition, if at any time the Issuer registers any shares of its Common Stock, the holders of all shares having registration rights are entitled to notice of the registration and to include all or a portion of their common stock in the registration.
Other Provisions
In the event that any registration in which the holders of registrable shares participate pursuant to the Investors Rights Agreement is an underwritten public offering, the number of registrable shares to be included may, in specified circumstances, be limited due to market conditions.
The Issuer will pay all registration expenses, other than underwriting discounts and selling commissions, and the reasonable fees and expenses, other than underwriting discounts and selling commissions, and the reasonable fees and expenses of a single special counsel for the selling stockholders, related to any demand or piggyback registration. The Investors Rights Agreement contains customary cross-indemnification provisions, pursuant to which the Issuer is obligated to indemnify the selling stockholders in the event of material misstatements or omissions in the registration statement attributable to it, and the selling stockholders are obligated to indemnify the Issuer for material misstatements or omissions in the registration statement attributable to them. The demand, piggyback and Form S-3 registration rights described above will expire, with respect to any particular stockholder, five years after the Issuers initial public offering or such earlier time following the second anniversary of the initial public offering at which such stockholder (A) holds less than one percent (1%) of the Issuers outstanding Common Stock and (B) all registrable securities held by such stockholder (together with any affiliate of the stockholder with whom such stockholder must aggregate its sales under Rule 144) can be sold in any three-month period without registration in compliance with Rule 144.
15.
The foregoing descriptions of the lock-up agreements and the Investors Rights Agreement are qualified in their entirety by reference to the form of the lock-up agreement and the Investors Rights Agreement, which are filed as exhibits to this Schedule 13D and incorporated by reference herein.
The information provided and incorporated by reference in Items 3, 4 and 5 is hereby incorporated by reference.
Other than as described in this Schedule 13D, to the best of the Reporting Persons knowledge, there are no other contracts, arrangements, understandings or relationships (legal or otherwise) among the persons named in Item 2 and between such persons and any person with respect to any securities of the Issuer.
Item 7. | Material to Be Filed as Exhibits |
A. | Agreement regarding filing of joint Schedule 13D |
B. | Second Amended and Restated Investors Rights Agreement, dated as of February 10, 2015, as amended, between the Issuer and certain investors named therein (incorporated by reference to Exhibit 4.2 to the Issuers Registration Statement on Form S-1 (Registration No. 333-202740), filed on March 13, 2015) |
C. | Form of Lock-up Agreement |
16.
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Date: April 23, 2015
INTERWEST PARTNERS X, L.P. | ||
By: |
InterWest Management Partners X, LLC | |
Its: |
General Partner | |
By: |
/s/ W. Stephen Holmes | |
W. STEPHEN HOLMES III | ||
Managing Director | ||
INTERWEST MANAGEMENT PARTNERS X, LLC | ||
By: |
/s/ W. Stephen Holmes | |
W. STEPHEN HOLMES III | ||
Managing Director | ||
/s/ Karen A. Wilson | ||
Karen A. Wilson, Attorney-in-Fact for Philip T. Gianos | ||
/s/ W. Stephen Holmes | ||
W. Stephen Holmes III | ||
/s/ Karen A. Wilson | ||
Karen A. Wilson, Attorney-in-Fact for Gilbert H. Kliman | ||
/s/ Karen A. Wilson | ||
Karen A. Wilson, Attorney-in-Fact for Arnold L. Oronsky | ||
/s/ Karen A. Wilson | ||
Karen A. Wilson, Attorney-in-Fact for Bruce A. Cleveland | ||
/s/ Karen A. Wilson | ||
Karen A. Wilson, Attorney-in-Fact for Nina Kjellson | ||
/s/ Karen A. Wilson | ||
Karen A. Wilson, Attorney-in-Fact for Khaled A. Nasr | ||
/s/ Karen A. Wilson | ||
Karen A. Wilson, Attorney-in-Fact for Douglas A. Pepper | ||
/s/ Karen A. Wilson | ||
Karen A. Wilson, Attorney-in-Fact for Keval Desai |
The original statement shall be signed by each person on whose behalf the statement is filed or his authorized representative. If the statement is signed on behalf of a person by his authorized representative (other than an executive officer or general partner of the filing person), evidence of the representatives authority to sign on behalf of such person shall be filed with the statement: provided, however, that a power of attorney for this purpose which is already on file with the Commission may be incorporated by reference. The name and any title of each person who signs the statement shall be typed or printed beneath his signature.
Attention: Intentional misstatements or omissions of fact
constitute Federal criminal violations (See 18 U.S.C. 1001)
17.
SCHEDULE I
Managers:
Philip T. Gianos
c/o InterWest Partners
2710 Sand Hill Road, Suite 200
Menlo Park, California 94025
Principal Occupation: Managing Director of IMP X, which serves as the general partner of InterWest X
Citizenship: United States of America
W. Stephen Holmes III
c/o InterWest Partners
2710 Sand Hill Road, Suite 200
Menlo Park, California 94025
Principal Occupation: Managing Director of IMP X, which serves as the general partner of InterWest X
Citizenship: United States of America
Gilbert H. Kliman
c/o InterWest Partners
2710 Sand Hill Road, Suite 200
Menlo Park, California 94025
Principal Occupation: Managing Director of IMP X, which serves as the general partner of InterWest X
Citizenship: United States of America
Arnold L. Oronsky
c/o InterWest Partners
2710 Sand Hill Road, Suite 200
Menlo Park, California 94025
Principal Occupation: Managing Director of IMP X, which serves as the general partner of InterWest X
Citizenship: United States of America
Bruce A. Cleveland
c/o InterWest Partners
2710 Sand Hill Road, Suite 200
Menlo Park, California 94025
Principal Occupation: Managing Director of IMP X, which serves as the general partner of InterWest X
Citizenship: United States of America
Nina S. Kjellson
c/o InterWest Partners
2710 Sand Hill Road, Suite 200
Menlo Park, California 94025
Principal Occupation: Managing Director of IMP X, which serves as the general partner of InterWest X
Citizenship: United States of America
Douglas A. Pepper
c/o InterWest Partners
2710 Sand Hill Road, Suite 200
Menlo Park, California 94025
Principal Occupation: Managing Director of IMP X, which serves as the general partner of InterWest X
Citizenship: United States of America
Venture Members:
Khaled A. Nasr
c/o InterWest Partners
2710 Sand Hill Road, Suite 200
Menlo Park, California 94025
Principal Occupation: Venture Member of IMP X, which serves as the general partner of InterWest X
Citizenship: United States of America
18.
Keval Desai
c/o InterWest Partners
2710 Sand Hill Road, Suite 200
Menlo Park, California 94025
Principal Occupation: Venture Member of IMP X, which serves as the general partner of InterWest X
Citizenship: United States of America
19.
EXHIBIT INDEX
A. | Agreement regarding filing of joint Schedule 13D |
B. | Second Amended and Restated Investors Rights Agreement, dated as of February 10, 2015, as amended, between the Issuer and certain investors named therein (incorporated by reference to Exhibit 4.2 to the Issuers Registration Statement on Form S-1 (Registration No. 333-202740), filed on March 13, 2015) |
C. | Form of Lock-up Agreement |
20.
Exhibit A
JOINT FILING STATEMENT
I, the undersigned, hereby express my agreement that the attached Schedule 13D (and any amendments thereto) relating to the Common Stock of Cidara Therapeutics, Inc. is filed on behalf of each of the undersigned.
Date: April 23, 2015
INTERWEST PARTNERS X, L.P. | ||
By: |
InterWest Management Partners X, LLC | |
Its: |
General Partner | |
By: |
/s/ W. Stephen Holmes | |
W. STEPHEN HOLMES III | ||
Managing Director | ||
INTERWEST MANAGEMENT PARTNERS X, LLC | ||
By: |
/s/ W. Stephen Holmes | |
W. STEPHEN HOLMES III | ||
Managing Director | ||
/s/ Karen A. Wilson | ||
Karen A. Wilson, Attorney-in-Fact for Philip T. Gianos | ||
/s/ W. Stephen Holmes | ||
W. Stephen Holmes III | ||
/s/ Karen A. Wilson | ||
Karen A. Wilson, Attorney-in-Fact for Gilbert H. Kliman | ||
/s/ Karen A. Wilson | ||
Karen A. Wilson, Attorney-in-Fact for Arnold L. Oronsky | ||
/s/ Karen A. Wilson | ||
Karen A. Wilson, Attorney-in-Fact for Bruce A. Cleveland | ||
/s/ Karen A. Wilson | ||
Karen A. Wilson, Attorney-in-Fact for Nina Kjellson | ||
/s/ Karen A. Wilson | ||
Karen A. Wilson, Attorney-in-Fact for Khaled A. Nasr | ||
/s/ Karen A. Wilson | ||
Karen A. Wilson, Attorney-in-Fact for Douglas A. Pepper | ||
/s/ Karen A. Wilson | ||
Karen A. Wilson, Attorney-in-Fact for Keval Desai |
Exhibit C
Date:
Jefferies LLC
Leerink Partners LLC
As Representatives of the Several Underwriters
c/o Jefferies LLC
520 Madison Avenue
New York, New York 10022
and
c/o Leerink Partners LLC
299 Park Avenue, 21st Floor
New York, New York 10171
RE: | Cidara Therapeutics, Inc. (the Company) |
Ladies & Gentlemen:
The undersigned is an owner of shares of common stock, par value $.0001 per share, of the Company (Shares) or of securities convertible into or exchangeable or exercisable for Shares. The Company proposes to conduct a public offering of Shares (the Offering) for which Jefferies LLC (Jefferies) and Leerink Partners LLC (Leerink) will act as the representatives of the underwriters. The undersigned recognizes that the Offering will benefit each of the Company and the undersigned. The undersigned acknowledges that the underwriters are relying on the representations and agreements of the undersigned contained in this letter agreement in conducting the Offering and, at a subsequent date, in entering into an underwriting agreement (the Underwriting Agreement) and other underwriting arrangements with the Company with respect to the Offering.
Annex A sets forth definitions for capitalized terms used in this letter agreement that are not defined in the body of this agreement. Those definitions are a part of this agreement.
In consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned hereby agrees that, during the Lock-up Period, the undersigned will not (and will cause any Family Member not to), without the prior written consent of Jefferies and Leerink, which may withhold their consent in their sole discretion:
| Sell or Offer to Sell any Shares or Related Securities currently or hereafter owned either of record or beneficially (as defined in Rule 13d-3 under the Exchange Act) by the undersigned or such Family Member, |
| enter into any Swap, |
| make any demand for, or exercise any right with respect to, the registration under the Securities Act of the offer and sale of any Shares or Related Securities, or cause to be filed a registration statement, prospectus or prospectus supplement (or an amendment or supplement thereto) with respect to any such registration, or |
| publicly announce any intention to do any of the foregoing. |
The foregoing will not apply to the registration of the offer and sale of the Shares, and the sale of the Shares to the underwriters, in each case as contemplated by the Underwriting Agreement. In addition, the foregoing restrictions shall not apply to (i) the transfer of Shares or Related Securities by gift, (ii) the transfer of Shares or Related Securities by will, other testamentary document or intestate succession to a legal representative, heir or beneficiary, (iii) the transfer of Shares or Related Securities to a trust whose beneficiaries consist exclusively of one or more of the undersigned and/or a Family Member, (iv) transfers or dispositions of the undersigneds Shares or Related Securities to any corporation, partnership, limited liability company or other entity all of the beneficial ownership interests of which are held by the undersigned or any Family Member, (v) distributions of the undersigneds Shares or Related Securities to partners, members, stockholders or trust beneficiaries of the undersigned, or (vi) if the undersigned is a corporation, partnership, limited liability company, trust or other business entity, the transfer of Shares or Related Securities to another corporation, partnership, limited liability company, trust or other business entity that is a direct or indirect affiliate (as defined in Rule 405 promulgated under the Securities Act of 1933, as amended); provided, however, that in any such case, it shall be a condition to such transfer that:
| each transferee executes and delivers to Jefferies and Leerink an agreement in form and substance satisfactory to Jefferies and Leerink stating that such transferee is receiving and holding such Shares and/or Related Securities subject to the provisions of this letter agreement and agrees not to Sell or Offer to Sell such Shares and/or Related Securities, engage in any Swap or engage in any other activities restricted under this letter agreement except in accordance with this letter agreement (as if such transferee had been an original signatory hereto), and |
| prior to the expiration of the Lock-up Period, no public disclosure or filing under the Exchange Act by any party to the transfer (donor, donee, transferor or transferee) shall be required, or made voluntarily, reporting a reduction in beneficial ownership of Shares in connection with such transfer. |
If the undersigned is an officer or director of the Company, the undersigned further agrees that the foregoing provisions shall be equally applicable to any Company-directed Shares the undersigned may purchase or otherwise receive in the Offering (including pursuant to a directed share program).
Furthermore, notwithstanding the restrictions imposed by this letter agreement, the undersigned may (i) exercise an option to purchase Shares granted under any equity incentive plan or stock purchase plan of the Company, provided that the Shares issued upon such exercise shall continue to be subject to the restrictions on transfer set forth in this letter agreement, (ii) establish a trading plan pursuant to Rule 105-1 under the Exchange Act for the transfer of Shares, provided that such plan does not provide for any transfers of Shares during the Lock-up Period and the entry into such plan is not publicly disclosed, including in any filing under the Exchange Act, during the Lock-up Period, (iii) transfer or dispose of Shares acquired in the Offering or on the open market following the Offering, provided that undersigned is not required to make a filing under the Exchange Act reporting a reduction in beneficial ownership of Shares, and (iv) transfer Shares or Related Securities (A) as forfeitures to satisfy tax withholding obligations of the undersigned in connection with the vesting or exercise of equity awards by the undersigned pursuant to the Companys equity incentive, stock option, stock bonus or other stock plan or arrangement described in the Prospectus, (B) pursuant to a net exercise or cashless exercise by the undersigned of outstanding equity awards pursuant to the Companys equity incentive, stock option, stock bonus or other stock plan or arrangement described in the Prospectus, provided that any Shares acquired upon the net exercise or cashless exercise of equity awards described in this clause (B) shall be subject to the restrictions set forth in this letter agreement, (C) by operation of law, including pursuant to a domestic order or negotiated divorce settlement, or (D) that may be deemed to have occurred as a result of the conversion of the outstanding preferred shares of the Company into shares of common stock or the exercise of warrants; provided that, in the case of a transfer pursuant to clause (A) above, if the undersigned is required to make a filing under the Exchange Act reporting a reduction in beneficial ownership of Shares during the Lock-up Period, the undersigned shall include a statement in such report to the effect that the purpose of such transfer was to cover tax obligations of the undersigned in connection with such exercise; and further provided that, in the case of a transfer pursuant to clause (B) above, that no public disclosure or filing under the Exchange Act by any party to the transfer shall be required, or made voluntarily, during the Lock-up Period; and further provided that any Shares acquired upon conversion or exercise described in clause (D) shall be subject to the restrictions set forth in this letter agreement.
In addition, if the undersigned is an officer or director of the Company, (i) Jefferies and Leerink agree that, at least three business days before the effective date of any release or waiver of the foregoing restrictions in connection with a transfer of Shares, Jefferies or Leerink will notify the Company of the impending release or waiver, and (ii) the Company (in accordance with the provisions of the Underwriting Agreement) will announce the impending release or waiver by press release through a major news service at least two business days before the effective date of the release or waiver. Any release or waiver granted by Jefferies or Leerink hereunder to any such officer or director shall only be effective two business days after the publication date of such press release. The provisions of this paragraph will not apply if both (a) the release or waiver is effected solely to permit a transfer not for consideration and (b) the transferee has agreed in writing to be bound by the same terms described in this letter agreement that are applicable to the transferor to the extent and for the duration that such terms remain in effect at the time of the transfer.
The undersigned also agrees and consents to the entry of stop transfer instructions with the Companys transfer agent and registrar against the transfer of Shares or Related Securities held by the undersigned and the undersigneds Family Members, if any, except in compliance with the foregoing restrictions.
With respect to the Offering only, the undersigned waives any registration rights relating to registration under the Securities Act of the offer and sale of any Shares and/or any Related Securities owned either of record or beneficially by the undersigned, including any rights to receive notice of the Offering; provided that, if permitted by an agreement providing for such registration rights, the undersigned waives such rights with respect to the other parties to such agreement.
The undersigned confirms that the undersigned has not, and has no knowledge that any Family Member has, directly or indirectly, taken any action designed to or that might reasonably be expected to cause or result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale of the Shares. The undersigned will not, and will cause any Family Member not to take, directly or indirectly, any such action.
Whether or not the Offering occurs as currently contemplated or at all depends on market conditions and other factors. The Offering will only be made pursuant to the Underwriting Agreement, the terms of which are subject to negotiation between the Company and the underwriters.
The undersigned hereby represents and warrants that the undersigned has full power, capacity and authority to enter into this letter agreement. This letter agreement is irrevocable and will be binding on the undersigned and the successors, heirs, personal representatives and assigns of the undersigned.
If (i) the Company notifies the Representatives in writing that it does not intend to proceed with the Offering, (ii) the Underwriting Agreement is not executed before September 30, 2015, (iii) the purchase of Firm Shares (as defined in the Underwriting Agreement) does not occur by September 30, 2015, or (iv) the Underwriting Agreement (other than the provisions thereof that survive termination) terminates or is terminated prior to payment for and delivery of the Firm Shares, then in each case, this letter agreement shall automatically, and without any action on the part of any other party, terminate and be of no further force and effect, and the undersigned shall automatically be released from the obligations under this letter agreement.
This letter agreement shall be governed by, and construed in accordance with, the laws of the State of New York.
Signature |
Printed Name of Person Signing |
(Indicate capacity of person signing if signing as custodian or trustee, or on behalf of an entity) |
Certain Defined Terms
Used in Lock-up Agreement
For purposes of the letter agreement to which this Annex A is attached and of which it is made a part:
| Call Equivalent Position shall have the meaning set forth in Rule 16a-1(b) under the Exchange Act. |
| Exchange Act shall mean the Securities Exchange Act of 1934, as amended. |
| Family Member shall mean the spouse of the undersigned, an immediate family member of the undersigned or an immediate family member of the undersigneds spouse, in each case living in the undersigneds household or whose principal residence is the undersigneds household (regardless of whether such spouse or family member may at the time be living elsewhere due to educational activities, health care treatment, military service, temporary internship or employment or otherwise). Immediate family member as used above shall have the meaning set forth in Rule 16a-1(e) under the Exchange Act. |
| Lock-up Period shall mean the period beginning on the date hereof and continuing through the close of trading on the date that is 180 days after the date of the Prospectus (as defined in the Underwriting Agreement). |
| Put Equivalent Position shall have the meaning set forth in Rule 16a-1(h) under the Exchange Act. |
| Related Securities shall mean any options or warrants or other rights to acquire Shares or any securities exchangeable or exercisable for or convertible into Shares, or to acquire other securities or rights ultimately exchangeable or exercisable for or convertible into Shares. |
| Securities Act shall mean the Securities Act of 1933, as amended. |
| Sell or Offer to Sell shall mean to: |
1. | sell, offer to sell, contract to sell or lend, | |||
2. | effect any short sale or establish or increase a Put Equivalent Position or liquidate or decrease any Call Equivalent Position | |||
3. | pledge, hypothecate or grant any security interest in, or | |||
4. | in any other way transfer or dispose of, |
in each case whether effected directly or indirectly.
| Swap shall mean any swap, hedge or similar arrangement or agreement that transfers, in whole or in part, the economic risk of ownership of Shares or Related Securities, regardless of whether any such transaction is to be settled in securities, in cash or otherwise. |
Capitalized terms not defined in this Annex A shall have the meanings given to them in the body of this lock-up agreement.